On August 25, TeraWulf Inc. rose 5.04% in regular trading, trading at $16.265/share, with turnover of $231 million. The rally was driven by the Kentucky Public Service Commission approving a retail electric service agreement supporting up to 482 megawatts of electric service for the company's data campus in Hancock County, Kentucky.

Under the agreement, TeraWulf is responsible for market, transmission, delivery, and other costs associated with its electricity use, as well as costs related to infrastructure built for its operations and financial guarantees. The approval is a critical milestone for the company's Justified Data campus, where TeraWulf previously signed a 20-year lease agreement with Anthropic expected to generate approximately $19 billion in contract revenue over the initial lease term, providing roughly 401 MW of critical IT computing capacity.

The regulatory clearance secures a key operational prerequisite for TeraWulf's pivot from bitcoin mining toward AI infrastructure services, a transformation that analysts view favorably. Morgan Stanley maintains an Overweight rating with a $62.50 price target, while B. Riley holds a Buy rating with a $40 target.

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